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Given the z-spread between level A and Level B is 249bps. Estimate the expected percentage loss on a bond with an Effective Duration of 9.8

Given the z-spread between level A and Level B is 249bps. Estimate the expected percentage loss on a bond with an Effective Duration of 9.8 and an Effective Convexity of 86.436 should a credit be downgraded from A to B. The correct answer is 21.72%. Can anyone give me a detailed process?

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